2 Min Read
(Reuters) - General Electric Co (GE.N) is reportedly in talks with Sweden's Electrolux AB (ELUXb.ST) and Quirky Inc to sell its household appliances unit, Bloomberg reported, citing people familiar with the matter.
Sale of the century-old appliances business may fetch about $2 billion, Bloomberg quoted the people as saying. (bloom.bg/1lVXmEj)
The business sells home appliances under the GE Monogram, GE Cafe and Hotpoint brands.
The U.S. conglomerate recently decided to try selling its home appliances unit again as Chief Executive Officer Jeffrey Immelt focuses on industrial operations, Bloomberg reported.
Quirky, a consumer development startup, will tie up with private-equity firms to acquire a majority stake in the business, Bloomberg said, citing the sources.
GE spokesman Seth Martin declined to comment.
GE has outlined plans to divest $4 billion worth of industrial businesses this year to focus its portfolio on businesses with high returns.
Electrolux could not immediately be reached for a comment. Quirky was not available to comment outside of normal business hours.
Reporting by Tanvi Mehta in Bangalore; Editing by Lisa Shumaker